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How To Pay Money In China ?

Last updated: Jan 09,2025 By: Editor; Hits: 207
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Common knowledge about the use of RMB Chinese currency

The Chinese currency is RMB, which is issued by the national bank, the People's Bank of China. The unit of RMB is yuan, and the subsidiary coins are jiao and fen; one yuan is 10 jiao, and one jiao is 10 fen. There are both paper and coined yuan, jiao and fen; the denominations of yuan are 1, 2, 5, 10, 20, 50, and 100 yuan, the denominations of jiao are 1, 2, and 5 jiao, and the denominations of fen are 1, 2, and 5 fen. The abbreviation symbol of RMB yuan is RMB.

RMB

Foreign currency exchange

Currently, the foreign currencies that can be accepted and exchanged in China include: US dollars, British pounds, euros, French francs, German marks, Japanese yen, Australian dollars, Austrian schilli, Belgian francs, Canadian dollars, Hong Kong dollars, Swiss francs, Danish kroner, Dutch guilders, Norwegian kroner, Swedish kroner, Singapore dollars, Malaysian ringgits, Italian liras, Macau patacas, Finnish marks, etc.

Foreign currency exchange

The business of banks handling the exchange of foreign currencies in and out is called foreign currency exchange business.

According to the current foreign exchange management laws and regulations of my country, foreign currency circulation is prohibited within the territory of the People's Republic of China, and foreign currency shall not be used for settlement. In order to facilitate foreign tourists and compatriots from Hong Kong, Macao and Taiwan to use money, the Bank of China and other designated foreign exchange banks accept the exchange of 22 foreign currency notes and Taiwan New Taiwan Dollars in addition to the exchange of foreign currency traveler's checks and foreign credit cards for RMB.

In addition, in order to provide convenience to the holders as much as possible, in addition to banks, some hotels, restaurants or shops can also handle the exchange of foreign currency for RMB; the unused RMB after the exchange can be exchanged into foreign currency before leaving the country with a foreign exchange exchange order valid within six months and taken out of the country.

Different exchange rates are used for foreign exchange in different situations. The buying price is used for exchanging traveler's checks, credit cards and remittances; the selling price is used for exchanging foreign exchange, including exchanging foreign currency cash; the buying price is used for exchanging foreign currency cash.

China has concluded visa exemption agreements covering different passports with more than 150 countries, and more and more foreigners come to China to travel, study, live and work. Relevant Chinese departments have introduced a number of measures to guide relevant institutions to further improve the level of payment services and better meet the diverse payment service needs of foreigners coming to China. The process of opening an account, registering, and binding overseas bank cards has become more convenient. More key places and key merchants accept overseas bank cards, and there are more foreign currency exchange outlets. "Welcome to China. You can choose a series of payment services such as mobile payment, bank cards, and cash. This guide will introduce you to the acquisition methods and usage processes of various payment services..."

Bank card

If you hold a bank card marked with UnionPay, Visa, MasterCard, etc., you can pay by swiping the card at merchants with corresponding acceptance logos; if there is no logo, you can ask the cashier whether you can use the bank card you hold for swiping payment. If you hold a UnionPay card, you can use it at all merchants in the country that have bank card payment acceptance terminals.

Bank card

Mobile payment In China,

Alipay and WeChat Pay are the two main mobile payment methods. Alipay and WeChat Pay are the two major mobile payment platforms in China. They are your digital wallets, and their application scenarios are very wide, such as shopping, paying utility bills, or sharing bills with friends. Alipay is interoperable with Alibaba and Taobao, and you can also use it to shop online. WeChat is not just a payment tool, it can also be used to chat with friends and share the joy of travel.

ali-pay-and-wechat-pay

For foreign tourists, these two applications are very suitable for travel. You can pay with your mobile phone without carrying cash or credit cards, and you don’t have to worry about exchange rates. Because these two applications automatically handle currency conversion and provide real-time exchange rates.

1. How do foreign tourists use Alipay when traveling in China?

First, you need to download Alipay from the App Store. Then open the app, select "International Version", click "Register" to register with your home phone number, and make sure your phone can receive the verification code.

ali-pay-and-wechat-pay

Next, add your bank card. Open the app and find the "Add Now" button on the home screen. Click "Add Now" and follow the prompts on the page to complete the process.

Here are some bank cards that can be added to Alipay:

ali-pay-bank-card

After adding your bank card, congratulations! Now you can use Alipay! Please note that identity verification is required for payments over $2,000.

How to use Alipay

The first way is to click "Scan" on the home screen and scan the QR code provided by the merchant. If you like this method, please confirm with the store whether the QR code is correct before scanning. You will get the hang of it soon after practicing a few times.

ali-pay-scan

The second way is to click "Pay/Receive" and show the merchant your QR code on Alipay. The merchant will scan it with a machine and charge the correct amount. Just take out your phone and you can easily complete the payment.

ali-pay-scan

2. How do foreign tourists use WeChat Pay when traveling in China?

Using WeChat Pay is just like Alipay, the steps are simple! First, download WeChat from the app store and register with your home phone number. Again, make sure your phone can receive the verification code.

wechat-pay-app700

The second step is to click "Me-Service-Wallet" to add your bank card. In the "Wallet" column, click "Add Bank Card" to fill in your information and bind your bank card. Click to agree to the relevant terms and follow the steps on the screen to complete the steps to add a bank card. 

wechat-pay-register

The following are the bank cards that can be bound to WeChat Pay:

wechat-pay-bank-card

At this point, you can use WeChat Pay. Please note that during the use process, you may need to upload a passport photo to verify your identity. But don't worry, just follow the instructions.

How to use WeChat Pay

The first way is to click "+Scan" in the upper right corner of the main page and scan the QR code provided by the merchant to pay.

wechat-pay-bank-card

The second way is to click "+Payment" in the upper right corner of the main page , show the payment code to the merchant to make the payment.

wechat-pay-present

Cash

Cash remains a popular and widely accepted payment method in China. Whether you are dining in a cozy restaurant or shopping in a bustling market, carrying cash ensures that you can always buy what you want. Most Chinese banks offer currency exchange services.

It is important to note that while most places in China accept card payments, some small restaurants and small shops in remote areas may prefer mobile payments or cash.

In addition, if you are traveling to remote areas such as Tibet, you can prepare some cash in advance to ensure a smooth trip. In addition, you can also use cash to tip your guide or driver on the way, or donate incense money to temples in cash for good luck.

Traveling to China, mobile payment is super easy!

For foreign tourists, traveling to China, mobile payment is becoming easier and easier, and it is easy to complete the registration with just your mobile phone number and bank card in your home country. During your travel in China, you can choose to use mobile payment as your main payment method, and you can also prepare some cash as a backup. If you have any questions about payment methods, please feel free to contact us!

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